DIGITAL CURRENCY MARKET
India, Russia set trade target of $100 billion by 2030
India and Russia have agreed to increase bilateral trade to over USD 100 billion by 2030. This decision was made during the 22nd Annual Bilateral Summit between Russian President Vladimir Putin and Prime Minister Narendra Modi in Moscow. The joint statement following the summit emphasized reinvigorating investments, using national currencies for trade, and boosting cooperation in sectors such as energy, agriculture, and infrastructure.
India and Russia set $100 billion trade goal by 2030, cooperation in energy, agriculture
India and Russia aim to boost their bilateral trade to over USD 100 billion by 2030. The focus is on using national currencies, expanding trade routes, and increasing cooperation in sectors like energy, agriculture, infrastructure, and the digital economy. The agreement, announced at the 22nd Annual Bilateral Summit in Moscow, includes eliminating trade barriers, optimizing customs procedures, and promoting investments and joint projects, with a strong emphasis on humanitarian and cultural collaboration.
FMCG makers expect single-digit revenue growth, margin improvements in April-June quarter
Fast-moving consumer goods cos expect single-digit volume growth along with expansion in margins during the April-June quarter of this fiscal, helped by a revival in rural demand and a stable urban market. Listed FMCG companies such as Dabur, Marico and Adani Wilmar in their latest quarterly updates have reported a "gradual improvement" in demand trends in the April-June quarter, which was on the expected lines.
FMCG makers expect single-digit revenue growth, margin improvements in April-June quarter
FMCG companies like Dabur, Marico, and Adani Wilmar expect single-digit volume growth and margin expansion in the April-June quarter. Positive demand trends are observed, particularly in the rural market. Overall, FMCG players anticipate 7-9% revenue growth for the fiscal year.
Not as $trong, but $till $ignificant
Recent reports suggest that Saudi Arabia has shifted away from the US dollar in its oil trade agreements, deviating from the petrodollar system. Though these reports lack concrete evidence, they stir speculation in the global financial system. BRICS nations have also signaled intentions to reduce their dependence on the dollar, advocating the use of local currencies in cross-border transactions among member states.
Marico Q1 Update: Modest increase in volume growth on improved demand
Parachute oil maker Marico on Friday said sales volume growth at home saw a modest increase in the first quarter ended June 30 as demand improved gradually with consumers spending more on personal care and cooking products.
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Crypto money is poised to sway US polls
Cryptocurrency executive Ryan Selkis, from Messari, spoke at an event celebrating Trump's NFTs, emphasizing the political influence of the 50 million U.S. crypto holders.
Nifty hits fresh record high, Sensex soars 500 pts on gains in IT stocks; Fed outcome in focus
Indian shares kicked off Wednesday's trading session on a positive note, driven primarily by gains in IT stocks. The market anticipates the release of a crucial U.S. inflation report and the Federal Reserve's policy decision, both of which are likely to impact near-term interest rate trends.
Why crypto is an asset class that cannot be ignored?
Sathvik Vishwanath discusses the disruptive force of cryptocurrencies and their significance as an asset class in a live stream on ETMarkets, highlighting future trends like Ethereum 2.0 and DeFi.
Dollar or other currencies? How the US is daring the world to find a dollar alternative
The United States is challenging its own foundations as the world's reserve currency with attacks on the legal system following Donald Trump's conviction. Despite growing consternation, no credible alternative has emerged. The dollar's dominance stems from U.S. democratic principles, but threats loom as sanctions and political turmoil test its credibility.
How brands should inspire politicians to move away from 'divide' and 'drown’ to ‘unify' and 'thrive’
Political parties should be emulating those marketers who have already cracked New India. To narrow-cast our population as a fundamental oneness, courtesy technology and aspiration. Then to engage experientially, with customer-centric regional empathy.
Cosmic Kittens (CKIT) Crypto presale prepares to be the defining Altcoin in 2024 bull market forecast
Crypto market pundits believe Cosmic Kittens (CKIT) is among the altcoins to watch in the year's second half.
AMCs, insurance stocks offering good money-making proposition: Deven Choksey
I believe that the market is going to remain positive. Investors are going to be remaining confident. Maybe these numbers are going to be forgotten after a couple of days once the ministries and the governments are formed.
7 top cryptos to buy in 2024 for the next bull run
The 2024 Bitcoin halving occurred in April, impacting the crypto market. Altcoins present diversification opportunities by combining VR experiences. Research is crucial for successful crypto investing to navigate market trends and regulations.
CBDC usage soars 39-fold among retail users, plunges in wholesale
In the wholesale segment, the outstanding amount stood at ₹8 lakh in March 2024, from ₹10.6 crore last year, and in the retail segment, the amount climbed to ₹234 crore in March 2024, from ₹6 crore last year. India's CBDC, the Digital Rupee (e₹), is a digital form of its official currency, introduced after the FY23 budget.
Emami Q4 Results: Profit rises 4% to 146.75 crore, revenue up 7%
Homegrown FMCG major Emami Ltd on Wednesday reported an increase of 3.62 per cent in its Profit After Tax (PAT) to Rs 146.75 crore for the fourth quarter that ended on March 31, 2024.
Dollar firm ahead of global inflation data
Investors are focusing on U.S., European, and Japanese inflation data to guide the global interest rate outlook for the week, impacting foreign exchange trade dominated by the hunt for 'carry' and supporting the dollar.
Apple not the only company to grapple with cash payments in India; cash also figures prominently in car sales
With customers continuing to stream in with wads of notes to buy mobile phones or computers, payments for 7-9% of the American firm's sales in the two stores in India are made with cash, compared to less than 1% or even nil in its stores in the US or Europe, according to people with knowledge of the matter.
US stock changes push FX trades into Asia's 'twilight zone'
Asian money managers face disruption as U.S. stock settlement window shortens next week, requiring quicker fund validation in thin, volatile currency markets.
US House passes crypto bill despite warnings from SEC
The House approval comes as the U.S. Securities and Exchange Commission (SEC) signals that it will likely approve applications for spot ether exchange-trade funds in a surprising boost to the industry.
Sebi suggests local regulators oversee crypto trading
Both sets of documents, which have been seen by Reuters, have been submitted to a government panel which is tasked with formulating policy for the finance ministry to consider. SEBI's stance has not previously been reported.
Marico on course to deliver double-digit constant currency growth in international business: Saugata Gupta
Marico CEO discusses market share dynamics, rural recovery, deflation impact, and strategy focusing on premium segments. The company targets double-digit revenue growth, digital business expansion, and sustainable scale-up of Beardo and Plix portfolios. Gupta says: "We expect the digital business also to get into at least a double-digit EBITDA by FY27 with a 2x times growth and we believe that this business will contribute to, which is now 20%, over the next three years will be 25% of our overall portfolio in India."
Robinhood Crypto gets Wells notice from US SEC
The company said it received a so-called "Wells notice," which the SEC issues when it is planning to bring enforcement action against them. Such notices do not necessarily mean the company has engaged in wrongdoing.
RBI working on off-line mode to boost retail CBDC volumes: Guv Shaktikanta Das
The Reserve Bank of India (RBI) is working to increase the acceptance of the Central Bank Digital Currency (CBDC) for retail transactions, despite the high number of transactions reaching 1 million per day. The RBI is focusing on making the digital currency transferable offline, introducing programmability features, and promoting financial inclusion. The central bank is also addressing concerns about the CBDC's potential to pose a risk to banks' business models.
Bitcoin 'halving' cuts supply of new tokens in threat to miners
The once-every-four-years event cut in half the so-called mining reward, which is the amount of Bitcoin released from the network to compensate companies known as miners for validating transactions.
Bitcoin 'halving' could deal a $10-billion blow to crypto miners
Around April 20, the halving will cut the amount of Bitcoin that "miners" can earn each day for validating transactions to 450 from 900 now. Based on Bitcoin's current price, it could spell revenue losses of around $10 billion a year for the industry as a whole.
Political ad blitz on Google; new use cases for digital currency
Data from Google Ads Transparency Centre shows that parties are shelling out nearly Rs 117 crore on the search giant alone. This is against the Rs 10 crore spent on political ads in the runup to the 2019 general elections.
Letting loose the non-resident rupee
Plans to elevate the rupee to a global free-floating currency are gaining momentum once more. The RBI's 'Report on Currency and Finance 2020-21' initiated this push, envisioning the rupee's ascent as an international currency. The timing of the move looks quite apt from a macroeconomic perspective.
Need to ensure Rupee gains currency globally: PM Modi
Modi emphasizes RBI's role in globalizing the rupee, enhancing India's economic growth. Efforts include digitizing payments, improving banking sector, exploring AI, ML, and supporting emerging sectors like tourism and space projects for future economic development.
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